ETtechDetect Technologies, an Artificial Intelligence (AI)-based software provider, has raised $28 million in its latest funding round, led by Prosus Ventures (formerly Naspers Ventures), with participation from existing investors Accel and Elevation Capital.
Shell Ventures, Bharat Innovation Fund and Bluehill Capital also participated in the round, the company said in a statement on Thursday.
Founded in 2016 by Tarun Mishra and Daniel Raj David, Detect provides intelligence to industries for mitigating high-consequence risks through a suite of cloud-based AI-powered applications. The startup has offices in Chennai, Mumbai and Singapore.
“Our vision is to provide actionable intelligence to help industries mitigate their risks while achieving their business objectives sustainably,” David said.
The Chennai-based startup counts Adani, Vedanta and other top manufacturing companies among its clients. It also offers industrial AI and Internet of Things (IoT) solutions, including end-to-end industrial project management solutions that streamline shutdowns, turnarounds, everyday operations, and construction.
“The industrial sectors have historically been challenged with lack of real-time data and insights to mitigate safety issues and loss of revenue from unplanned shutdowns. Detect has been at the forefront of solving these issues in very large installations for very large customers globally,” said Barath Shankar Subramanian, partner, Accel.
Detect plans to expand its customer base in the region and said it had signed multi-year global contracts with Fortune 500 companies.
“At Prosus Ventures, we are committed to backing SaaS companies by building truly unique solutions to solve real-world problems at scale. We are excited to participate in Detect’s next phase of growth,” said Ashutosh Sharma, head of investments, India, at Prosus Ventures.
In July last year, Detect raised around $12 million led by Accel and Elevation Capital.
Shell Ventures, Bharat Innovation Fund and Bluehill Capital also participated in the round, the company said in a statement on Thursday.
The Software-as-a-Service (SaaS) platform plans to utilise the funds to further expand and strengthen its sales and operations in North America and Europe. The company has also allocated funds for developing its product suite.
Founded in 2016 by Tarun Mishra and Daniel Raj David, Detect provides intelligence to industries for mitigating high-consequence risks through a suite of cloud-based AI-powered applications. The startup has offices in Chennai, Mumbai and Singapore.
“Our vision is to provide actionable intelligence to help industries mitigate their risks while achieving their business objectives sustainably,” David said.
The Chennai-based startup counts Adani, Vedanta and other top manufacturing companies among its clients. It also offers industrial AI and Internet of Things (IoT) solutions, including end-to-end industrial project management solutions that streamline shutdowns, turnarounds, everyday operations, and construction.
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“The industrial sectors have historically been challenged with lack of real-time data and insights to mitigate safety issues and loss of revenue from unplanned shutdowns. Detect has been at the forefront of solving these issues in very large installations for very large customers globally,” said Barath Shankar Subramanian, partner, Accel.
Detect plans to expand its customer base in the region and said it had signed multi-year global contracts with Fortune 500 companies.
“At Prosus Ventures, we are committed to backing SaaS companies by building truly unique solutions to solve real-world problems at scale. We are excited to participate in Detect’s next phase of growth,” said Ashutosh Sharma, head of investments, India, at Prosus Ventures.
In July last year, Detect raised around $12 million led by Accel and Elevation Capital.
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